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Budget Snapshot November 2017

This entry was posted on Wednesday, November 22nd, 2017

The Budget statement was delivered today at 12.30pm by the Chancellor of the Exchequer, Philip Hammond.
This is the first of what will now become an annual budget held in the Autumn. From 2018 there will be a ‘Spring Statement’ but all major fiscal announcements will only be made in November.

The Budget is a report presented each year by the Chancellor of the Exchequer to Parliament and the nation. The primary role of the Budget is to control public finances by setting out how much tax the Government will collect, how much the Government will borrow and how much the Government will spend. The Budget Responsibility and National Audit Act 2011 requires the Government to produce a Budget Report (which is the formal name for the Budget) for each financial year. The Charter for Budget Responsibility sets out what the Budget Report must cover.
When the Government publishes the Budget, the Chancellor gives a speech to Parliament in which he sets out the key decisions on tax, borrowing and spending, and his reasons for taking those decisions. This speech is known as the Budget Statement.

The official forecast on which the Chancellor bases the Government’s Budget is provided by the Office for Budget Responsibility (OBR). The Budget Responsibility and National Audit Act 2011 requires the OBR to publish two economic and fiscal forecasts for each financial year, including one published at the Budget. The OBR’s duty is to examine and report on the sustainability of the public finances and it is required to do so objectively, transparently and impartially.

PLEASE NOTE: This snapshot is not intended as an in-depth analysis of the Chancellor’s speech (we will leave that to the industry commentators and experts) but we hope this brief summary helps you gain a quick grasp on the key points delivered by the Chancellor from the dispatch box.

For full details of the following headlines (and more) you may wish to visit the HM Treasury website.

Main Headlines from the Speech

Introduction

This budget takes place mindful of the change that will happen as a consequence of Brexit, with the Chancellor determined to ensure the country is prepared for every possible Brexit outcome.

£3bn set aside for Brexit negotiations

The Govt to adopt a balanced approach in this budget

Forecasts

The Chancellor announced adjustments to previous growth forecasts from those previously announced in the 2016 Autumn Statement.

Growth forecast for 2017 – revised down from 2.0% to 1.5%

Growth forecast for 2018 – revised down from 1.6% to 1.4%

OBR borrowing forecast revised down from £58.3bn to £49.9bn for 2017/18

OBR borrowing forecast revised down from £40.8bn to £39.5bn for 2018/19

Taxation / Welfare / Finance

Tax system for single use plastic items to be investigated

National Minimum wage to be increased from £7.50 per hour to £7.83 from April 2018

VAT registration threshold to remain unchanged at £85,000 for the next two years.

Business Rates – switch from RPI to CPI now brought forward to 2018

£1,000 discount to all pubs with a rateable value of less than £100,000 extended to March 2019

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